Bitcoin ETFs Reversal: $201.8M in Net Outflows as BTC Slips Below $78K

U.S. spot Bitcoin (BTC) ETFs posted significant outflows on August 28, ending a nine-session inflow streak as the price of BTC slipped below $78,000. The net outflows totaled $201.8 million, following more than $3 billion in net inflows across the previous nine trading sessions.

The ARK 21Shares fund led withdrawals with $114.9 million, while Morgan Stanley's Bitcoin Trust was the only fund to record inflows of $9.3 million. The Bitwise Bitcoin ETF lost $49.7 million and BlackRock's iShares Bitcoin Trust shed $33.4 million.

Despite this reversal in Bitcoin ETFs, altcoin ETF products continued to attract capital, with Ether (ETH) ETFs adding $102.2 million and XRP funds drawing $26.2 million on Friday. Eric Balchunas, a Bloomberg ETF analyst, noted that Solana (SOL) ETFs had reached $1.7 billion in cumulative flows without a sustained period of withdrawals.

The divergence in fund flows is not a broad retreat from U.S. crypto ETFs, as capital continued to move into several altcoin products even as Bitcoin funds reversed.